Money Transfers to KL (Kuala Lumpur)
I'm looking to move to KL with my wife within the next few years. She is originally from KL but we currently live in Vancouver, Canada. We go back every Chinese New Year because her family is there and each time we bring a bunch of CAD cash which we exchange at MidValley's money changers as they seem to have decent rates (way better than bank rates). We end up putting them in a FD during the CNY promotions so they're not just sitting there.
It's getting closer to when we are planning to move back and we definitely won't be able to bring all our money by cash to KL. I was wondering what's the best way to do this for large amounts? Since the funds here are in CAD and my wife's bank account in KL is in MYR I'm assuming even if I wire it over it would get converted at the bank rate and I'd be throwing away money.
I was wondering if we are able to open a Malaysian account that holds CAD funds which we can withdraw when the rates are good and change them (CAD to MYR) at the money changer. Has anyone done this? What other alternatives are there?